Former bankrupt CEO of Coco Joy, Efthymios ‘Tim’ Xenos, slapped with 18-month sentence

A self-described “good businessman” and Sydney-based entrepreneur has been hit with an 18-month sentence after using company funds to pay off his own bankruptcy expenses.

The former bankrupt boss of a coconut water business has been slapped with an 18-month corrections order. Picture: Coco Joy

The former bankrupt boss of a coconut water business has been slapped with an 18-month corrections order after using company funds to pay off his own legal expenses.

Self-described Sydney-based entrepreneur, Efthymios ‘Tim’ Xenos, was the ex-CEO of FAL Healthy Beverages – the owner of coconut water brand Coco Joy as well as Juiced Up, Aqua Ball, Fruitzee, Iso Boost and Hi-Pro Boost brands.

Xenos, who was declared bankrupt from 2011 to 2015, was found guilty of using more than $100,000 worth of company money to pay for his personal legal and bankruptcy expenses.

The self-described Sydney-based entrepreneur, Efthymios ‘Tim’ Xenos. Source: timxenos.net

He was sentenced to a term of imprisonment for 18 months to be served by way of an Intensive Corrections Order in Sydney’s Downing Centre Local Court earlier this year. He will serve his sentence in the community.

Xenos – who has an entrepreneurship blog and social media pages – has been active in the food and beverage industry for over 30 years, his website states.

“Tim Xenos has had countless opportunities to take an imaginative approach toward the beverage scene and create products sought-after,” it reads.

His website says his biggest career highlight to date has been the founding of his company Bevpax, which manufactures coconut water, aloe vera and “functional health” drinks.

“As a good businessman, Tim with his team members is focused on providing excellent customer service and other benefits,” it says.

His LinkedIn states he is also the director of food and beverage at boutique drinks manufacturer Concept Beverages.

Concept Beverage brands include ROCKIT Energy Drinks and Protein Waters, Siege Sports Drinks, Sunvale Cordials, Brazilia functional juices and smoothies.

Xenos, was the ex-CEO of FAL Healthy Beverages – the owner of coconut water brand Coco Joy. Picture: Coco Joy

The court case, which was brought on after action from the corporate regulator, saw Xenos also handed down 200 hours of community service work.

Magistrate Horan found Xenos guilty of managing a company while being bankrupt and making decisions that adversely affected a majority of FAL Healthy Beverages operations.

He has been automatically disqualified from managing companies for five years until 2030.

Magistrate Horan said Xenos demonstrated a lack of contrition and insight into his offending and that no other sentence but imprisonment was appropriate.

It’s understood the case was initially brought forward in 2016, alongside a legal dispute over Coco Joy’s $3m sponsorship deal with the Manly Sea Eagles, which was brokered by Xenos.

It was previously reported that the NRL team ended up losing the case, facing a $2.8m loss and having to front up the costs for FAL Healthy Beverages’ legal fees.

Xenos was initially charged by the Australian Securities and Investments Commission in 2021, entering a plea of not guilty to all charges.

The matter has been in court since 2023, with a guilty verdict finally handed down in February this year.

Xenos has since filed an application to appeal the conviction and sentence.

Originally published as Former bankrupt CEO of Coco Joy, Efthymios ‘Tim’ Xenos, slapped with 18-month sentence